Conversation starters
Most popular
Bonneville Seattle is raising funds for the construction of a second Fisher House at Joint Base Lewis-McChord in Tacoma and we need your help.THE RESET: Debt limit looms as next fiscal cliff
December 11, 2012 @ 11:46 amAssociated Press
(AP) - We now know what's on the other side of that menacing year-end "fiscal cliff." Another cliff.
While White House and Republican congressional leaders labor behind closed doors to cut a deal to steer clear of the first cliff _ mandatory tax increases and spending cuts due to hit in early January _ another treacherous economic precipice looms.
It's when the government will again bump up against the congressionally-set debt ceiling.
The debt limit has been a growing source of acrimony between presidents and opposition parties.
As a senator, Barack Obama voted against a 2006 debt-limit request by President George W. Bush, calling it "a sign of leadership failure." Bush won that one.
The last debt-limit standoff came in August 2011 and the drawn-out gamesmanship cost the U.S. a first-ever credit downgrade.
The current statutory limit on the government's borrowing authority of $16.4 trillion will technically be reached in late December, but likely can be put off until mid-February through accounting maneuvers.
Obama has asked Congress for authority to raise the debt limit without prior approval. But Republicans seem unlikely to give up that bargaining chip.
"Republicans know that they have the debt ceiling that's coming up right around the corner and the leverage is going to shift as soon as we get beyond this (fiscal cliff) issue," says Sen. Bob Corker of Tennessee. And he's a Republican who's sympathetic to Obama's plan to raise taxes on the wealthy.
President Ronald Reagan holds the modern record. He raised the debt limit 18 times and once complained of "conservative Republicans who are playing games. ...We must have that bill or government checks will start bouncing."
President George H. W. Bush raised it four times, Bill Clinton four times, the younger Bush seven times and Obama, so far, four times.
___
Follow Tom Raum on Twitter: http://www.twitter.com/tomraum
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
-
I-5 Bridge Collapse
Three people were pulled from the water after I-5 bridge collapses over Skagit River -
Ban Lifted
Washington state leaders hail vote to allow openly gay Boy Scouts -
There's a Zone for That
Mapping out a plan for marijuana growers and sellers
Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.
-
maplefish wrote...Another Obama FAILURE!December 10, 2012 11:08 am{ "Thumbs Up":"1","Thumbs Down":"-1" }- Reply
- Report this as abuse
-
HPD 5-0 wrote...Than you havety this little "surprise". ANOTHER TAX!December 10, 2012 11:30 am{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
HLC wrote...There is a lot more fees and taxes hidden in Obozo care.December 10, 2012 11:49 am{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
Fuego wrote...Not only is ObamaDecember 10, 2012 3:59 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
HPD 5-0 wrote...But Fuego his daughters and their families...December 10, 2012 4:50 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
longwayhome wrote...Political CapitalDecember 10, 2012 8:34 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
maplefish wrote...WowDecember 12, 2012 5:49 am{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
CH wrote...2014 should be the end of the republican circus clown party . . . .December 11, 2012 2:44 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }- Reply
- Report this as abuse
-
HPD 5-0 wrote...A limit? Wait...we are talking Dimocrats here,December 11, 2012 5:30 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
Forrest wrote...Wow 5-0,December 12, 2012 5:46 am{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
HPD 5-0 wrote...Forrest, are you too much of a mental midget yourself...December 12, 2012 7:14 am{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
Forrest wrote...Aren't you a testy cop.December 12, 2012 12:09 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
longwayhome wrote...Copper!December 11, 2012 7:28 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
HPD 5-0 wrote...Copper? That's a metal you moron, God you are stupid.December 12, 2012 5:50 am{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
SickofSeattleite wrote...i hope they don't come to an agreementDecember 12, 2012 5:38 am{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
SickofSeattleite wrote...the true fools are the people who did not get off their butts and vote.December 12, 2012 5:39 am{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
Forrest wrote...Ah sickness, the Republicans want to suppress the vote.December 12, 2012 5:49 am{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse